RATE Group | Bitcoin Just Experienced Third Halving in Its History
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Bitcoin Just Experienced Third Halving in Its History

11 May Bitcoin Just Experienced Third Halving in Its History

Posted at 19:31h in Bitcoin News by

The most-anticipated cryptocurrency event of 2020, Bitcoin’s (BTC) third halving, has just taken effect. Occurring only once every four years, the latest Bitcoin mining block reward halving just reduced the Bitcoin block reward from 12.5 BTC to 6.25 BTC.

Bitcoin’s third halving event took place at 3:35 PM EST on May 11, according to data from Tradeblock.com. Having overcome the halving, Bitcoin is trading at $8,500, with market dominance of 67% as of press time, according to Coin360.

Bitcoin block reward path from 50 BTC to 0.00000001 BTC

Since the first Bitcoin block was generated back in 2009, there have been three halving events. Taking place once every 210,000 blocks are mined, or approximately once every four years, a Bitcoin halving cuts the current miner block reward by 50%. The first Bitcoin halving event took place in 2012, cutting the original block reward from 50 BTC to 25 BTC. The second halving took place in 2016, with the reward dropping from 25 to 12.5 BTC.

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